Fidelity profit rises 5.8%, firm boosts dividend

BenFox

FIS Inc.'s
FIS, +0.31%
fourth-quarter earnings rose 5.8% as the financial services company reported improved revenue in all three major segments, led by international solutions.

The company replaced its current $361 million stock repurchase program with a $1 billion program. Its board also raised its annual dividend to 80 cents from 20 cents, with the increase expected to cost an additional $180.8 million a year.

The company, formerly known as Fidelity National Information Services, handles payment- and bank-processing services. Its revenue has been rising for more than two years running, since its $2.9 billion purchase of Metavante, which gave FIS a bigger presence in the financial information-technology market.

FIS posted a profit of $117 million, or 39 cents a share, up from $110.6 million, or 36 cents a share, a year earlier. Excluding acquisition-related costs, debt extinguishment charges and other items, adjusted earnings from continuing operations rose to 66 cents from 64 cents. Revenue increased 7% to $1.49 billion.

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